Fracking sites affect buyer interest in surrounding homes
As fossil fuel companies are given the green light to drill for shale gas around the UK, a new survey has found that a large percentage of potential buyers would rule out purchasing a home near fracking sites.
With a huge push towards renewable energy in full swing throughout the developed world, oil and gas companies are clamouring to claw back future losses through the practice of fracking – the process of drilling deep into the earth and releasing a high pressure water mixture into shale rocks that are known to contain hidden deposits of natural gas.
The procedure has come under criticism in the US from environmentalists who discovered the mixture had found its way into water supplies around many fracking locations in Wyoming and Pennsylvania. Questions have also been raised as to why the US and UK governments are willing to give fracking the green light considering the social impetus towards clean energy.
Around the UK and predominantly in the north of England, fracking had previously been banned by various councils due to fears about contamination of ground water. However, these bans have been overturned by Parliament against the wishes of residents near the proposed sites – and unfortunately for those looking to sell their homes fast, there are signs that houses near these sites are going to be much harder to sell.
A new survey carried out by House Extension Online interviewed 1000 people across the country and found that 64% of those questioned would not consider buying a house near a fracking site.
Unsurprisingly, those most in favour of fracking are those aged over 55 – for whom the practice could lead to lower energy bills – while those aged 35-44 are the most against.
While many reports have emerged claiming that the dangers of fracking have been overestimated, house selling experts believe that a drop in consumer confidence alone is enough to cause houses in the affected areas to drop in both value and buyer interest.
“This is a sad day, as it is clear to all that this government neither listens nor can it be trusted, to do the right thing for local communities,” said Pat Davies, the chairperson of an anti-fracking group based at Preston New Road (one of the proposed sites).
“It is deplorable that an industry that has been rejected on every level has inflicted itself on Preston New Road.”
Those living near potential fracking locations who need to sell, but opt for the traditional route of using estate agencies, may find themselves waiting for a long time. Luckily, there is always the option of secure property buyers who will buy any home for cash regardless of its condition or location.
Unable to sell or worried that fracking will scare off buyers? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.
Why not check out our National Homebuyers reviews.